22 October 2019
Morocco is planning to create a fund with a capital of six billion Moroccan dirhams ($625 million) to finance small projects by young citizens, the Arab country's Economy and Finance Minister was quoted on Tuesday as saying.

The fund will be launched in early 2020 by the government in partnership with local banks within a strategy to support Moroccan graduates from universities and other academic institutions, Mohamed Benchaaboun said, quoted by Hespress and other dailies.

"We will allocate six billion dirhams for this fund, which is intended to support young graduates seeking to set up projects," he said.

The Minister said the fund, which will raise capital over a period of three years, will provide soft-term loans to graduates to fund their projects.

The fund will also target young contractors seeking to build export-oriented projects to support the domestic economy.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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